FSI Submissions – Preservation Age

The Financial System Inquiry (the Murray Inquiry) has begun to release the submissions received, several of them have raised the issue of increasing the superannuation Preservation Age and aligning it with the Age Pension age. The Financial Services Council recommends “the superannuation preservation age be increased”, noting the findings of the Grattan Institute that increasing both the Preservation Age and Age Pension… Continue reading FSI Submissions – Preservation Age

FSI Submissions – Education and Financial Literacy

The Financial System Inquiry (the Murray Inquiry) has begun to release the submissions received, many of them address issues surrounding financial education and literacy. The issue of education and financial literacy has been raised in several submissions to the Financial System Inquiry. The National Australia Bank recommends the development of a ‘national education programmes for retail investors,… Continue reading FSI Submissions – Education and Financial Literacy

FSI Submissions – SMSF Compensation Scheme

The Financial System Inquiry (the Murray Inquiry) has begun to release the submissions received, so far several have made recommendations in support of a SMSF Compensation Scheme. Westpac Bank, in its submission,  supports consideration of a legislative SMSF compensation scheme – provided it was confined to fraud and theft. Westpac is concerned that there are ‘questions about… Continue reading FSI Submissions – SMSF Compensation Scheme

FSI Submissions – SMSF Borrowing and LRBAs

The Financial System Inquiry (the Murray Inquiry) has begun to release the submissions received, many of them make recommendations about SMSF borrowing and Limited-Recourse Borrowing Arrangements (LRBAs). The Financial Planning Association (FPA), noting that SMSF borrowing has been a ‘controversial issue’ with implications for the residential property market, recommends ‘the Government follows Cooper’s recommendation and undertakes a… Continue reading FSI Submissions – SMSF Borrowing and LRBAs

FSI Submissions – SMSF Regulation

The Financial System Inquiry (the Murray Inquiry) has begun to release the submissions received. Several industry bodies have used their submissions to argue that changes to how SMSFs are regulated is not required. CPA  ‘ believes there is no evidence to suggest significant change is necessary regarding the structure, operation and/or regulation of SMSFs’. ICAA believes ‘any… Continue reading FSI Submissions – SMSF Regulation